Shunfeng informed investors it has entered a non-legally binding memorandum of understanding with Asia-Pacific Investment Management regarding a “possible sale” of its equity interests in Jiangsu Shunfeng Photovoltaic Technology – its solar manufacturing arm – for 5bn yuan ($760m).

Asia-Pacific Investment – owned by Hong Kong property tycoon Kin Ming Cheng – owns Shunfeng’s various companies.

Shunfeng did not specify which manufacturing assets it is looking to sell. Last year the Hong Kong-listed company acquired Atlanta-based Suniva and pledged to help expand its production capacity.